Botafogo files extrajudicial recovery request and begins plan to settle R$443 million in civil debt | com.botafogo

Hey Botafogo Take an important step to settle historical financial obligations. Last Tuesday night, Alvingro submitted the extrajudicial recovery plan to the court. Thus, the club intends to repay its civil debts, amounting to R$ 443,925,450.83, within 13 years.

Previously, Botafogo was part of the RCE (Central Enforcement System). In this way, the club allocated 20% of the total monthly revenue to pay off creditors, who were organized into a “waiting list” – however, there were complaints from people about the possibility of non-payment, which was out of control.

There are three methods of payment depending on the club:

• Cash payment (short term) – You will pay the credit amount recognized by Botafogo, in one lump sum, within 10 (ten) days of the approval of the extrajudicial recovery plan or at the latest until March 31, 2024. There will be a 90% discount on the updated credit value.
• Long term payment – There will be a two-year grace period after the approval of the extrajudicial recovery plan for payments to begin. Repayment is allowed within a maximum period of 156 months. There will be a 40% discount on the updated balance value.
• Fixed value – You will pay in a single payment of up to R$ 20,000 the value of the credit recognized by Botafogo (subject to the respective credit value limit), within 60 days of the approval of the extrajudicial recovery plan. The lender will waive any balances (if any) in excess of the approved repayment amount.

Creditors who did not initially accept the agreement and entered the form through majority acceptance will enter into long-term repayment.

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